Over the past few years, we witnessed the growth in NFTs’ popularity. The questions you should ask are: Why are they so popular? Are they a good investment?
NFTs truly gained popularity in 2017 when a blockchain-based game called CryptoKitties was released. Players could adopt, breed, and trade virtual cats in this game. Since then, the market of non-fungible tokens rose slowly until late January 2021, when it unexpectedly exploded.
Some would say: It’s all about money. And when you hear something like this, you think about getting in those waters, too. But, before you even start thinking about it, you must learn some basics. Today, we will teach you about NFTs and bring an opportunity to create one and dive deep into this digital empire of a cultural sensation called NFT.
What Is an NFT?
Let’s say you are a painter, a musician, or a photographer, anyone who likes art and creates one. And, you are trying to sell art through well-known channels, but it’s not working. Then you start searching for alternatives. That’s when you find out about non-fungible tokens. So, what are they?
“Non-fungible” means it’s the only one of its kind and can’t be replaced with something else. A token known as an NFT can signify ownership of something that can’t get duplicated or copied. There can only ever be one genuine original belonging to one legitimate owner. In other terms, it can’t interchange different items. If you are asking who or what protects these NFTs, the answer is blockchain technology since all NFTs are recorded onto a blockchain whose task is to prevent any kind of fraud. The most commonly used blockchain is the Ethereum blockchain.
You almost certainly have another question: “What is an Ethereum blockchain?” Well, let’s clarify one more unknown phrase.
What Is Ethereum?
The Ethereum platform was launched in 2015 by Vitalink Buterin and Gavin Wood. The idea of Ethereum is building apps and organizations, storing assets, exchanging information, and transacting without being controlled by a central authority.
Ethereum can be defined as a technology that enables the creation of decentralized networks, holding assets, transactions, and communication. It monitors the currency on a decentralized computer network, often known as a blockchain. Ether, an Ethereum cryptocurrency, aka the new digital money, is used to pay for specific Ethereum network-related transactions.
Because Ethereum blockchain network is decentralized, there is no influence from outside cloud service providers. Users have the option to remain anonymous when using the network for exchanges. It’s also designed to be unhackable. Because Ethereum is a permissionless blockchain, anyone can take part.
How to Create and Upload NFT to OpenSea?
The most popular marketplace for purchasing and selling NFTs is OpenSea. Anywhere else would imply less visibility of your NFTs. The majority of sellers showcase their most outstanding work on this platform. You can do that as well with a little effort and imagination.
Now, when you’ve got familiar with NFTs and Ethereum, we can discuss the steps of creating an NFT and uploading it to OpenSea.
Step 1: Set Up a Wallet
First things first – set up a wallet. No, you don’t have to grab your wallet and take money from it. In a digital world, wallets are the applications you use to store your cryptocurrencies. Crypto wallets technically don’t store your crypto, unlike a standard wallet, which holds real money you are spending every day. You only need to know that you will use this wallet to pay and sell NFTs on OpenSea.
Since OpenSea is an Ethereum-based application, we suggest you use the MetaMask wallet.
- Go to https://metamask.io/,
- Click on “Download,”
Note: MetaMask is compatible with native iOS, Android apps, Chrome, Firefox, Brave, and Edge browser extensions,
- Click on “Install MetaMask for Chrome” and “Add to Chrome,”
- Choose the password,
- Use a pen and paper to write down 12 alternative secret words and store them in a safe place. If you ever lose access to the browser/application or, in a case, when you uninstall the app or need to set up your wallet on a new device, you’ll need these words to retrieve the wallet.
Finally, you made it! Well done! Let’s go to step number two.
Step 2: Connect Your Wallet
After creating a wallet, you need to connect it with the NFT marketplace – OpenSea. It is pretty easy, so don’t be afraid of doing it.
Go to https://opensea.io/, click the Create button, and pick the MetaMask wallet. That’s it!
In the future, a word of advice: be cautious if you notice a request to connect to your wallet when you least expect it since fraudsters may be attempting to access your money or NFTs. Generally speaking, everything should be fine if you’re on a reliable website.
Step 3: Create an NFT
Now, something incredible is going to happen – you’ll finally create your first NFT! Click the Create button, and let’s get started.
To upload the file, you plan to sell as an NFT, click the box with the image icon to begin uploading. As an NFT, you can use a wide range of image, video, audio, and even 3D model file formats. The recommended and acceptable file size is not more than 100 MB. After you add a file, give the file a name or title.
The “External Link” option allows you to enter URLs, such as those leading to your website. Additionally, you can use the “Description” section to provide some extra information for your NFT to potential customers. If you are selling an NFT that could be used as a video game character, this is where you should put its information.
Based on the options you’ve chosen and the sort of file you’re selling as an NFT, there could be a bit of a wait as it loads. A screen confirming that your NFT has been created will appear when it’s over.
Another way of creating NFTs is a collection. Making a collection is the most effective approach to selling your NFT. Why create a group when you can submit a single file? Well, NFTs sell best and get the most attention when they are a part of a collection. A single NFT can be made in several ways with unique colors, forms, and other features. It can be used as your digital art portfolio. Feel free to share your most recent artwork, memes, or simple drawings of cuddly cats. FYI, cat stickers can be sold for tens of thousands of dollars. Think about it.
Remember, there is no such thing as art that can’t sell. People crave having a unique item they can brag about to others. Maybe your piece of art will be that original design everyone will adorn.
Step 4: Upload It to OpenSea
There is one more thing you need to know. All new sellers at OpenSea are required to pay two fees before making their first transaction. These costs are not set in stone; if you know how you can manage them. So what’s the key?
Fees represent activities taken on the Ethereum blockchain we already mentioned. Hence, a certain amount of processing power is needed for their production. You pay a gas fee to make up for that energy. The charge can be more or less, depending on the gas price at the moment.
The initial setup price to open your account and begin selling ranges from $70 to $300. Another $10 to $30 transaction gives OpenSea access to your NFTs. You are required to provide OpenSea 2.5 % of the NFT’s selling price in addition to the two initial sale fees.
Fees are not paid with real money but with cryptocurrency. In this case, with Ether.
Of course, you want to arrange your bill on days when gas prices are lower so you can save money. Luckily, you can monitor gas prices on a website called Gas Now. Use it to get through the market as cheaply as possible. Learn how to mint NFTs for free (0 Gas fees) with Dev3 platform!
Note: OpenSea doesn’t charge any fees for creating an account.
The future of digital assets is in NFTs. Maybe you are still a bit confused and unsure whether you should walk in this so-called craziness. But, if you don’t try, you might regret it because the possibilities are unlimited if you learn how to create an NFT. You’ll have a chance to become a part of the enormous digital world that is still expanding.
People are growing each they, and so are you. You will learn so much from it and gain new experiences you can transfer to other people. Most importantly, you will have fun while exploring the ingenious side of you. Embrace new technology. Learn to go beyond your comfort zone and surrender to the latest developments that are vigorously knocking on your door.